2025 Q4 - Incoming business climate for Germany rises by 14 points

Currently, 61% of experts assess the German business situation as positive, indicating higher overall confidence compared to Q3-2025.

The proportion of international CEOs and travel experts expecting positive business developments in Germany over the next six months (December 2025 to May 2026) has increased to 57%, marking a significant rise of 11 percentage points compared to Q3-2025. As a result, the Incoming Business Climate Index rises to 55 points - up 14 points from the previous quarter. The index summarizes experts’ views of current conditions and the six-month outlook.

Only a very small minority (4%) foresee a negative development for their business in Germany for the upcoming six months. The global and German business environments are viewed as broadly aligned:

60% of international experts currently assess the overall global business situation for the next six months as favorable, while 57% assess a favorable situation regarding the German market.

The aim of the GNTB's Industry Expert Panel is to gather and present industry sentiment on inbound tourism to Germany. It provides insights into the current and future market assessments of international CEOs and key accounts from 34 countries. Furthermore, it provides information on visitors’ demand patterns, as well as on the latest trends and future developments in the travel and tourism industry.

From the first quarter of 2025 onwards, some markets—including Sweden, Finland, Norway, Hungary, Slovenia, and Canada—were no longer included in the survey due to market structure adjustments. Nevertheless, the GNTB Travel Industry Expert Panel remains an important indicator of how the international travel industry feels about coming to Germany and provides valuable insights into current and future business expectations.

The following infographic summarizes the above figures about the business climate for international travel trade in Germany.